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Extending your property can make more financial sense than moving home, according to Nationwide
Research carried out by the UK’s biggest building society reveals that building extra space can be more cost effective than relocating to a bigger home.
For example, it calculates that trading up from a three-bedroom house to a four-bed costs an extra £40,000 on average, or even more if you include the cost of legal and relocation fees.
By contrast, converting a loft into an extra bedroom costs between £30,000 and £35,000 on average.
“It seems as though many people are already doing something similar as nearly one in five of our further advances are to fund structural work such as extensions, many of which improve the value of homes,” said head of mortgages Martyn Dyson.
Nationwide’s research shows that creating an extra bathroom adds 6% to the value of the average home, while adding a double bedroom pushes up the value by 12%. Building an extension or loft conversation to create a double bedroom and en-suite bathroom adds 23%. So an extension will not only give you more space, it can also potentially improve the value of your home too.
“A number of lenders, including Nationwide, allow people to borrow more on the mortgage to fund home improvements,” Said Dyson.
“We have recently revamped our further advance range to enable our customers to obtain further borrowing up to 85% loan to value at rates that are typically lower than other forms of borrowing.”
Your home may be repossessed if you do not keep up repayments on your mortgage.
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The Mortgage Shop (N.I) Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority Registered Office: The Mortgage Shop (N.I) Ltd, 132 Great Victoria Street, Belfast. BT2 7BG. Registered Company Number: NI26842. Registered in Northern Ireland.